Solid News

Macroeconomic Data from Australia Hinder the Growth of the AUDUSD

4/6/2023 1:21 PM

Amid the decline of the US dollar, the AUD/USD pair is correcting around 0.6690.

The manufacturing activity index from American International Group Inc. (AIG) was 5.6 points in March, up from –6.4 points. The services sector indicator fell to 48.6 points from 50.7 points earlier, indicating ongoing problems in the industry. February's exports lost 3.0% and imports 9.0%, pushing the trade surplus to 13.870B Australian dollars from 11.688B Australian dollars.

As expected by most analysts, data on the US labor market did not allow the US dollar to move away from the year’s lows of 101.700 in the USD Index. Thus, nonfarm payrolls in March increased by 145.0K, lower than 261.0K a month earlier. The Institute for Supply Management (ISM) Purchasing Managers Index for the non-manufacturing sector fell to 51.2 points from 55.1 points earlier, which continued the negative trend that began in December 2021.

On the daily chart, the trading instrument is moving within the local ascending corridor with dynamic boundaries 0.6850–0.6650, preparing to continue the decline.

Technical indicators do not give a clear signal, working out a local correction: fast EMAs on the Alligator indicator are close to the signal line, and the AO histogram, keeping close to the transition level, is preparing to continue its decline.

Resistance levels: 0.6740, 0.6840. | Support levels: 0.6650, 0.6560.

Find Us
Registered Address : Bonovo Road – Fomboni Island of Mohéli – Comoros Union
Sofia, PO Box 1407,14 Flip Kutev Str. Floor 2, Industrial area Hladilnika, Bulgaria
Call Us
+35 924 928 392

Risk Warnings
Solid ECN Securities LLC offers trading on Foreign Exchange (‘Forex’ or ‘FX’) and Contracts for Difference (‘CFDs’), which are complex financial products that are traded on margin. They carry a high level of risk since leverage can work both to your advantage and disadvantage. As a result, these products may not be suitable for all investors, as loss of all invested capital may occur. You should not risk more than you are prepared to lose. Before deciding to trade, you need to ensure that you understand the risks involved and consider your investment objectives and level of experience. Seek independent advice, if necessary.
Solid ECN Securities LLC does not issue advice, recommendations or opinions in relation to acquiring, holding or disposing of a CFD. Solid ECN Securities LLC is not a financial advisor and all services are provided on an execution-only basis. This communication is not an offer or solicitation to enter into a transaction and shall not be construed as such.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
By using you agree to use our cookies to enhance your experience.
Solid ECN Securities LLC is authorized and regulated by the Comoros Union with reference number HY00623411.
Disclaimer 1: The information provided on this site is not intended for residents of any country or jurisdiction where its distribution or use would violate local laws or regulations.
Disclaimer 2: Solid ECN Securities LLC and it affiliates does not provide services to residents of the USA, Japan, Canada, Australia, the Democratic Republic of Korea, European Union, United Kingdom, Iran, Syria, Sudan and Cuba.
Copyright All Right Reserved 2024